On Monday, the price of gold in India increased somewhat. At 0930 hours on July 26, August gold futures on the Multi-Commodity Exchange (MCX) rose 0.25 percent to Rs 47,653 for 10 kilos. On Monday, silver rose as well. On July 26, the September future for the precious metal rose 0.04 percent to Rs 67,194 per kilogram.
On Monday, gold prices in the worldwide market plummeted. According to Reuters, spot gold fell 0.1 percent to $1,799.89 per ounce at 0110 GMT. Gold futures in the United States slipped 0.2 percent to $1,798.90 per ounce. Last week, the dollar index climbed to a three-month high. As a result, the price of yellow metal has increased for holders of other currencies. The Federal Open Market Committee’s meeting this week is attracting a lot of attention. Experts predict that the US central bank would maintain its current policy rates and stance during the meeting. Investors, on the other hand, will be looking for signs as to when the Federal Reserve of the United States will begin to tighten its monetary policies.
In India, merchants are giving steep discounts on gold to boost the country’s sluggish demand for the precious metal. According to sources, the country’s dealer discount on gold remained near one-month highs.